Crypto Breaking Twitter: Analysis of SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON Price on 11/6.
Price analysis 11/6: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON

The marginal rise of Bitcoin (BTC) of about 1.5% last week hints that traders are not in a hurry to leave the market, although the bears have been dormant for some time. If the rally fails to proceed, sellers may come back. On the other hand, in an uptrend, dips are often seen as an occasion for long-term investors to accumulate. This is evidenced by the rise in Bitcoin withdrawals from exchanges, which has reached 61,000 Bitcoin, a major improvement compared to the year-to-date low of nearly 43,000 Bitcoin, as pointed out by CryptoSlate analyst Van Straten.

A major part of the accumulation is happening in Bitcoin in anticipation that the United States Securities and Exchange Commission will eventually approve a spot Bitcoin exchange-traded fund. This enthusiasm was further fueled by the news that the Hong Kong government may consider proposals for a spot Bitcoin ETF. BitMEX co-founder Arthur Hayes commented on X (formerly Twitter) that the competition between the United States and China is good for Bitcoin.

Are Bitcoin and altcoins ready to extend their up-move or is it time for a short-term correction? Let’s analyze the charts to find out.

Crypto Ban in China, AI Anchor China and Crypto Breaking Twitter

The crypto ban in China has been a major concern for the crypto industry, yet the Chinese government’s stance on crypto mining has been more relaxed. AI anchor China has been making headlines, while crypto breaking Twitter has been providing updates on the latest news and developments in the industry. Crypto good news from China has been helping to boost the market sentiment, and AI China has been helping to bring more attention to the industry.

S&P 500 Index price analysis

The bulls have been pushing the S&P 500 Index (SPX) price above the 20-day exponential moving average (EMA) of 4,275 on Nov. 2 and the 50-day simple moving average (SMA) of 4,346 on Nov. 3.

The relative strength index (RSI) has moved into the positive territory and the 20-day EMA has started to turn up, suggesting that the crypto ban in China may be over. However, the bears are still expected to defend the downtrend line fiercely.

On the other hand, the buyers are likely to buy the dips to the 20-day EMA, making it difficult for the government of China to gain the upper hand. A strong rebound off this level will increase the chances of a break above the downtrend line. If the crypto good news from China’s AI reporter and AI anchor is not enough to yank the price back below the 20-day EMA, the bulls may prevail.

U.S. dollar index price analysis

The U.S. dollar index (DXY) dropped below the moving averages on Nov. 3, suggesting the beginning of a more severe correction.

The first support on the downside is the 38.2% Fibonacci retracement level of 104.38. If the price rebounds off this level, the index could reach the 20-day EMA. To re-test 107.35, buyers must break through this resistance.

On the contrary, if the price continues to decline and breaches below 104.38, it will signify that the bulls are leaving. This could open the door for further decrease to the 50% retracement level of 103.46.

Bitcoin price analysis

The bulls have the upper hand in the Bitcoin market as the cryptocurrency has been steadily climbing within the ascending channel pattern. However, the momentum is slowing down.

The RSI is still in the overbought zone, which means that the BTC/USDT pair may continue its consolidation or go through a corrective phase in the upcoming days. If the price drops below the channel, traders may look to take profits. There is a strong support at the 20-day EMA ($33,238), but if it is breached, the pair can plummet to $31,000.

On the other hand, if the price goes up and breaches the channel, it will signal the start of the next upswing. The pair may then surge to the next major resistance at $40,000.

The crypto world has been abuzz with news of the Chinese crypto ban and the government’s stance on cryptocurrencies. However, there have been reports of crypto-friendly initiatives such as crypto mining, AI reporters, and an AI anchor in China. Despite the ban, it seems that the country is still open to the idea of crypto.

Ether price analysis

Ether (ETH) recently surged above the resistance of $1,885, signaling a possible rally towards the $2,000 mark. However, the bears are expected to put up a strong fight in the $2,000 to $2,200 range, as a break of this resistance could open the door for ETH to reach $3,500 with no major resistances in between.

The bullish scenario could be invalidated if the crypto china market turns down from the current level and breaks below the 20-day EMA ($1,780). In such a case, the ETH/USDT pair could plunge towards the 50-day SMA ($1,671).

BNB price analysis

On Nov. 4, BNB (BNB) managed to break and close above the resistance of the range at $235, indicating that the demand for crypto china was greater than the supply.

The bulls may face a major hurdle at $265, which could be a challenge to overcome. In case of a dip, the first support to monitor is $235, which could signal that the bears are still active at higher levels. The pair may then slide to the 20-day EMA ($227).

XRP price analysis

XRP (XRP) broke the strong resistance of $0.67 on Nov. 6, which suggests that the bulls are in control.

The $0.74 mark is a minor barrier, if the bulls manage to clear it, the XRP/USDT pair could climb to $0.85 and then to $1.

The downside risk is that the RSI has reached overbought levels, which implies that the rally is overheated in the short term. This could lead to a correction or a period of consolidation. The key level to watch is $0.67. If it fails, it could cause a more significant correction to the 20-day EMA ($0.58).

Solana price analysis

Solana (SOL) bounced off the crucial support of $38.79 on Nov. 3, but the bulls have failed to maintain the higher levels despite their efforts.

The bears are now looking to capitalize on their advantage and push the price below $38.79. If they succeed, the SOL/USDT pair could drop to the 20-day EMA ($34.67). This level is likely to be a battleground between the bulls and the bears.

If the price rebounds off the 20-day EMA, the bulls will attempt to drive the price above $42.50 and challenge the strong resistance at $48. On the other hand, if the 20-day EMA cracks, the pair may tumble to $31 and eventually to $27.12.

Cardano price analysis

Cardano (ADA) has seen a strong surge in the past few days, with buyers pushing the price above $0.30. This has caused the RSI to enter the overbought zone, suggesting that a minor correction may be on the horizon. If the crypto-asset stays above $0.32, it increases the possibility of a rally to $0.38.

Conversely, if the price turns down from the current level and falls below $0.32, it could indicate that traders are taking profits. This could lead the price to the 20-day EMA ($0.30), which is the key level that the bulls must defend to keep the uptrend going.

The recent crypto ban in China has caused a stir in the industry, with many speculating on the government’s stance on crypto mining and the impact of AI reporter and AI anchor on the crypto space.

Dogecoin price analysis

Dogecoin (DOGE) bounced off the strong support at the 20-day EMA ($0.07) on Feb. 3, indicating a shift in sentiment from selling on rallies to buying on dips.

The bulls are attempting to keep the price above $0.07 and if successful, the DOGE/USDT pair could gain momentum and surge to $0.08. This level may prove to be a strong obstacle, but if breached, the pair could sprint towards the psychological level of $0.10.

At the same time, the bears are likely to have other plans. They will likely attempt to halt the up-move and push the price below the 20-day EMA. This could pave the way for a potential fall to the $0.06 support.

Toncoin price analysis

Toncoin (TON) has been trading above the moving averages for the past few days, indicating demand at higher levels. The bulls pushed the price above $2.31 on Nov. 6, but the long wick shows selling at higher levels. If buyers maintain the crypto above $2.31, it will open the doors for a rise to $2.59. However, the China crypto ban and other government regulations could pose a challenge to the bulls.

Alternatively, if the price turns down from the current level, the moving averages are likely to act as the first line of support. If these give way, the TON/USDT pair could drop to the strong support at $1.89. Such a move will suggest that the pair may oscillate between $1.89 and $2.31 for some time, as the crypto good news from China and other countries is slowly breaking through on Twitter.

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